Then there would be significantly fewer specialized schools.

On the other hand, there could be potentially far more. With tuition caps and universal standards, the government would, naturally, fund more technical colleges to compensate for the increased number of students.
This is where our tax money should be going; not dumb*crag* wars or defense.

Quality of education would fall. There wont be anymore hardcore MIT.

The fact is that the government doesn't NEED more specialized people, especially those who practice the humanities. Sure we can talk pipe dreams all day, but when it comes down to it there is absolutely no benefit to funding an art school from a politician's perspective. The entire public education system was founded on that very principle, and extending that kind of control over places of higher learning could not in an conceivable way be a good idea. Colleges that keep jacking up the rates are going to either kill themselves or have to reform their practices eventually.

@I_Like_Pi: It wouldn't, if enough money was invested in to it. Look at socialized health care in Western nations, for example; some Americans may fear that the quality of health care may drop if they went that route, but the others are doing just dandy. So why would quality education drop, when, theoretically, it would be less expensive to be socialized than health care?

No motivation of professors for their 200k a year salary or no hieing world class professionals, like Feynman (I know he died 1980).

Also, plx call me Frozen not ILP

Again, I bring up health care. You can argue the same thing about socialized health care; "there wouldn't be any motivation to do hard work" or "there wouldn't be world class professionals," but honestly, when we look at Canada, for example, is it really that bad? Of course not.

I live in Canada. It took me 6 month to get a cardiologist appointment. Some pros are in Canada, but if you want instant service you have to travel elsewhere. Also, quality of health care does not differ much, education however is a different story.

From most of the Canadians I've spoken to/know, the service is generally speedy and of high quality (At the very least, better than what we have in the United States).
Maintaining quality education would be more affordable than maintaining quality health care. Textbooks right now are overpriced, and could do to be cut down by 50% or more. In addition, hospitals require high funding to distribute high quality medicine/perform difficult operations, elevating the general cost of maintaining a hospital above a university (Especially considering the fact that more people regularly attend a hospital, as it is a necessity, than a college, which isn't, because plenty of people have no interest in going to college).
So while it may be a different story, that's precisely why it would work: it would be far easier for it to work.

Stop *crag*ing ignoring me.

Well, every time I dropped by ER, I had to wait min 1h 45 to get moved into a room + 40 min for the doter 2 come. THIS IS ER! One time I was bleeding quite a lot, the other time I had pneumonia and was coughing MAJOR + 3 times with bones.

If it's not an emergency, you have to wait at least a month to go to a professional. Like I said, 6 months for a cardiologist; to address a heart rummer.